Starbucks coffee is about to get more expensive

Starbucks is raising the prices of many beverages by about 1%
starting Tuesday.

Increases will range between
$0.05 and $0.20 for most drinks, the
AP reports.

The cost of "venti" brewed coffee, for example, will increase by
$0.10 to $2.45 in most US markets, the company
said.

This is the third straight year that Starbucks has implemented
price increases.

The company last raised prices in June of 2014, when the cost of
raw coffee was soaring.

Raw coffee prices have since
fallen. Starbucks is citing rising labor and rent costs for this
latest round of increases.

"We continually evaluate
pricing on a product-by-product and market-by-market basis in our
stores in order to balance the need to run our business
profitably while continuing to provide value to our loyal
customers and to attract new customers," Starbucks said in an
emailed statement.